The London Stock Exchange recorded just one new IPO in the third quarter of 2026, suggesting a stalled new-listing market, according to recent analysis from EY-Parthenon.
This marked the quietest quarter of new listing activity on the UK stock exchange since the fourth quarter of 2023, when no companies joined the market.
The one new listing was 1947 Oil and Gas PLC, which raised £30m on the AIM market. This brings the total number of new listings this year up to eight, with roughly £600m raised across all new additions.
Scott McCubbin, EY-Parthenon UKI IPO leader, said: “The third quarter is traditionally a quiet period for IPOs, so limited activity over the summer months is unsurprising; however, the headline numbers don’t tell the full story.
“A strong pipeline of businesses is preparing to come to market, supported by significant pent-up demand after years of subdued issuance.”
As confidence increases, the test for markets will be if it can build sustained momentum of listings, Scott added.
Additionally, while IPO listings remained muted in the UK, the global market remained more resilient, despite increased geopolitical uncertainty. In Q3 2026, there were roughly 387 IPOs, which raised about $290bn, with EMEIA responsible for about 202 of those additions.
Grant Humphrey, partner at EY-Parthenon, added: “Investor appetite remains strongest for businesses linked to high-growth sectors, including AI, advanced manufacturing, energy and infrastructure.
“The challenge now is whether this momentum can be sustained against a backdrop of rising interest rates, geopolitical uncertainty and closer scrutiny of AI investment.”
See also: Dimensional’s Meinke: Do IPOs make good investments?
